SBI Cut Interest Rates on Savings Bank Deposits

SBI Cut Interest Rates on Savings Bank Deposits

India's largest lender State Bank of India (SBI) on Monday cut interest rates on savings bank deposits by 0.5 per cent. Banks were flushed with liquidity after Government's demonetization move last year.

The new interest rates on savings bank deposits will be come into effect from 31st July.

Now, for saving deposits balance up to Rs 1 crore, SBI will offer a rate of 3.5 per cent as compared to 4 percent earlier, the bank said.

However, for saving deposits balance above Rs 1 crore, rate of interest has been retained at 4 per cent per annum.

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